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Globe and Mail
15-05-2025
- Business
- Globe and Mail
Ontario budget boosts enforcement powers for investment industry regulator
Ontario is handing the country's investment industry regulator significant new enforcement powers. In the budget tabled Thursday, the province announced plans to introduce new legislation granting the Canadian Investment Regulatory Organization (CIRO) statutory authority to compel evidence in its investigations and disciplinary hearings. The province also promised legislative updates that would provide CIRO staff with legal immunity for any good-faith actions. The changes will provide CIRO, a self-regulatory organization, with many of the same enforcement tools that have long been available to the Ontario Securities Commission, the province's official market watchdog. In a statement, CIRO president and chief executive officer Andrew Kriegler said the government was sending an important message by expanding the organization's powers. 'If you harm investors in Ontario, you will be held accountable for your actions,' he said. 'As a public interest regulator, these new enforcement tools will enable us to provide stronger protection to investors.' Ontario budget 2025: Six key takeaways, from housing to tariff relief Having authority to compel testimony is considered an especially potent enforcement tool because, unlike in criminal law, it requires those involved in investigations to answer questions and provide relevant documents. Provincial regulators, such as the OSC, regularly utilize compelled testimony during investigations and enforcement proceedings. CIRO, which was formed in 2023, and its predecessor groups, the Investment Industry Regulatory Organization of Canada (IIROC) and the Mutual Fund Dealers Association of Canada, have been seeking statutory immunity and the power to compel testimony for many years. 'Without legislative amendments to relevant securities legislation, IIROC has no ability to obtain the co-operation of individuals and entities not regulated by us, even where they may have relevant evidence,' CIRO predecessor IIROC said in its 2019 enforcement report. 'Unfortunately, this imposes limitations on our ability to fully investigate certain cases and obtain the best evidence.' Immunity, the report said, 'is necessary to allow us to take appropriate regulatory action in the public interest, without fear of reprisal.' Since 2017, every province and territory in Canada has granted CIRO or its predecessors expanded enforcement powers. According to CIRO's 2024 annual report, the organization now has legal-fine collection authority across the country and has the ability to compel testimony in Quebec, Alberta, the four Atlantic provinces and all three territories. Those jurisdictions, in addition to Manitoba, also provide CIRO with statutory immunity. Once the changes in Ontario take effect, British Columbia and Saskatchewan will be the only Canadian jurisdictions where CIRO's sole legal authority is to collect fines through provincial courts. In 2024, CIRO imposed roughly $14-million in penalties and related fines, a 44-per-cent decline from the $25-million in penalties it levied in 2023. 'While these financial orders have declined, significantly more of CIRO's hearing panel orders issued in 2024 have included suspensions and permanent prohibitions against individuals, as opposed to solely focusing on orders against firms,' law firm Osler, Hoskin & Harcourt LLP said in a December, 2024, analysis of CIRO's latest enforcement report. 'We may see an increase in individually imposed sanctions and penalties in the coming year.' CIRO oversees the conduct of nearly 110,000 financial professionals across Canada and regulates trading activity on the country's largest exchanges. In 2024 alone, CIRO monitored more than $4-trillion in trade value on Canadian exchanges.
Cision Canada
14-05-2025
- Business
- Cision Canada
CIRO Launches Thought Leadership Webinar Series to Address Evolving Financial Landscape Français
TORONTO, May 14, 2025 /CNW/ - The Canadian Investment Regulatory Organization (CIRO) is excited to announce the launch of its new webinar series featuring in-depth conversations with leaders, disruptors, and innovators shaping the future of finance in Canada. Designed to inform, inspire, and engage, the series will explore industry advancements that enhance investor protection, market integrity, and regulatory efficiency. Each episode will offer expert insights into pressing challenges and emerging trends in the financial sector. The inaugural episode features Andrew Kriegler, CIRO CEO, in conversation with Sarah Paquet, CEO of FINTRAC, Canada's financial intelligence unit and anti-money laundering regulator. Their discussion will examine how FINTRAC is evolving to address new risks in an increasingly digital and data-driven world, and how collaboration between CIRO and FINTRAC helps build a more transparent and resilient financial landscape. "As financial markets evolve, proactive leadership and collaboration are essential," said Andrew Kriegler, CIRO CEO. "This webinar series provides a platform to share knowledge, drive innovation, and empower investors with the confidence to navigate the future of finance." Key topics in the first episode include: The rise of digital assets and the regulatory challenges surrounding cryptocurrencies, blockchain platforms and decentralized finance overall. How CIRO and FINTRAC work together to enhance oversight while reducing regulatory burden. FINTRAC's strategic initiatives to tackle emerging financial threats and modernize its approach. The role of generative AI and evolving technologies in shaping financial intelligence and regulation. This webinar marks the beginning of an ongoing series designed to keep industry professionals, regulators, and investors informed on critical developments in finance. For more details on CIRO's Thought Leadership webinar series and upcoming episodes, visit About CIRO: The Canadian Investment Regulatory Organization (CIRO) is dedicated to ensuring the integrity, fairness, and transparency of Canada's investment industry. Through proactive regulation and education, CIRO fosters trust and confidence in the financial markets, protecting investors and supporting the industry's growth. SOURCE Canadian Investment Regulatory Organization (CIRO)
Yahoo
21-03-2025
- Business
- Yahoo
Investor Alert: AI Tek-Invest, AI Invest, Aitek-Invest, and AiVistaFX Falsely Pose as Independent Trading Group (ITG) Inc. Subsidiary
TORONTO, March 21, 2025 /CNW/ - The Canadian Investment Regulatory Organization (CIRO) urges Canadian investors to remain vigilant against fraudulent schemes linked to entities operating under the names AI Tek-Invest, AI Invest, Aitek-Invest, and AiVistaFX. These entities falsely claim affiliation with Independent Trading Group (ITG) Inc. and offer services to recover funds from fraudulent cryptocurrency companies. Their claims are unfounded, and these entities are not connected to CIRO-regulated firm ITG Inc. or any legitimate recovery services. The only legitimate website for ITG Inc. is Details of the Scheme: The fraudulent website for AI Tek-Invest closely mirrors the previously flagged and fraudulent AiVistaFX website. Links on the AI Tek-Invest website redirect users to an AiVistaFX PDF document, which fraudulently displays the CIRO logo and forged signatures including that of CIRO CEO, Andrew Kriegler. Fraudsters involved have been using newly discovered email communications and impersonating names to deceive victims. This type of scheme is called an investment recovery scam. In recovery scams, fraudsters approach individuals who have already fallen victim to a financial scam, only to use any details provided to scam those individuals again. Fraudsters are becoming very sophisticated in their use of technology, so CIRO strongly advises investors to independently verify any communication from these entities by contacting the official ITG Inc. website. CIRO remains committed to protecting investors and providing resources to address fraudulent activities. For more information on identifying and reporting scams, visit the CIRO website. Please note that investors can confirm with CIRO's Complaints & Inquiries team to verify the legitimacy of anyone claiming to represent CIRO. All individuals registered to offer financial advice in Canada are listed on the National Registration Search of the Canadian Securities Administrators (CSA). March is Fraud Prevention Month CIRO's Office of the Investor provides resources to help Canadians avoid investment fraud and protect their financial well-being during Fraud Prevention month (in March) and throughout the year. See Avoiding Fraud and Protecting Your Investments on CIRO's website for additional information. If you believe you have been a victim of this or a similar scam, please report it to CIRO and immediately contact your bank, local police, your provincial securities commission, and the Canadian Anti-Fraud Centre. Please direct all other inquiries to our Complaints & Inquiries team: 1-877-442-4322 (Canada/US),800-555-2323 (Outside Canada/US),or by completing our Secure Contact Form About CIRO The Canadian Investment Regulatory Organization (CIRO) is the national self-regulatory organization that oversees all investment dealers, mutual fund dealers and trading activity on Canada's debt and equity marketplaces. CIRO is committed to the protection of investors, providing efficient and consistent regulation, and building Canadians' trust in financial regulation and the people managing their investments. For more information, visit SOURCE Canadian Investment Regulatory Organization (CIRO) View original content to download multimedia: Sign in to access your portfolio
